Nebraska State Senator Abbie Cornett (R-District 45) recently introduced the Historic Property Restoration and Reuse Act, L.B. 888, which aims to provide a 25 percent tax credit for for-profit developers and a 30 percent tax credit for nonprofit developers that choose to rehabilitate or restore federal, state, or locally designated historic properties. The bill is also supported by Senator Heath Mello (District 5). The state historic tax credit would be transferable and would come with a five-year recapture period. The tax credit would expire on January 1, 2018 and has been referred to the Nebraska State Senate Revenue Committee.
To read Nebraska L.B. 888, click here.
